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New Clause 17

Banking Bill – in a Public Bill Committee at 11:45 am on 18th November 2008.

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Continuity obligations: consideration and terms

‘(1) The Treasury may by order specify matters which are to be or not to be considered in determining—

(a) what amounts to reasonable consideration for the purpose of sections 57 to 60;

(b) what provisions to include in accordance with section 58(3)(b) or 60(3)(b).

(2) An order—

(a) shall be made by statutory instrument, and

(b) shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(3) A continuity authority may give guarantees or indemnities in respect of consideration for services or facilities provided or to be provided in pursuance of a continuity obligation.

(4) In this section “continuity authority”—

(a) in relation to sections 57 and 58, means the Bank of England, and

(b) in relation to sections 59 and 60, has the same meaning as in those sections.’.—[Ian Pearson.]

Brought up, read the First and Second time, and added to the Bill.